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PCA: Nearly 10 Percent Construction Growth Forecasted in ’14 and ’15
An unusually wet spring and early summer dampened cement consumption for the first quarter of 2013, but did not put a wet blanket on the opportunity for strong growth in the construction sector in 2014 and beyond.
According to the latest forecast from the Portland Cement Association (PCA), cement consumption will increase a modest four percent in 2013, but will approach double-digit growth in 2014 and 2015, with 9.7 percent consumption increases in both years.
“Nearly two-thirds of the anticipated growth in 2013 cement consumption will be caused by gains in the residential construction market,” Ed Sullivan, PCA chief economist said. “Home inventories are declining, signaling that it is time to start building, while the lingering effects of damaged credit due to foreclosure activity have created a robust apartment demand.”